EXECUTORS Meaning and
Definition
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Executors, in the legal context, refer to individuals or entities appointed to carry out the terms and instructions stipulated in a will or testament after the decease of the testator. They are named specifically within the will by the testator, who outlines their duties and responsibilities regarding the distribution of assets, payment of debts, and the fulfillment of other financial obligations. Executors are entrusted with the important task of overseeing the probate process, which involves validating the will, obtaining necessary documents such as death certificates, filing tax returns, settling debts, and ensuring that bequests and inheritances are distributed as per the testator's wishes.
Executors have fiduciary duties, which include acting in good faith, with utmost loyalty, and exercising diligence and care while handling the estate's affairs. They are obligated to act in the best interests of the beneficiaries, treating them fairly and impartially throughout the administration of the estate. Executors may also be required to provide an accounting of their activities to the beneficiaries or the court.
While executors are often family members or close friends of the deceased, it is also common for professional advisors, such as lawyers or accountants, to take on this role. Executors play a key role in ensuring the smooth transfer of assets and the overall settlement of an estate, and their responsibilities can vary depending on the complexity and size of the estate.
Top Common Misspellings for EXECUTORS *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for EXECUTORS
Etymology of EXECUTORS
The word "executors" derives from the Latin term "executor", which is the agent noun of the verb "exequi", meaning "to follow out" or "to accomplish". The Latin term evolved from the combination of the prefix "ex", meaning "out", and "sequi", meaning "to follow". Through the influence of Old French, the term was adopted into Middle English as "executour" and later transformed into its modern form, "executors". In its current usage, "executors" refers to individuals designated to carry out the provisions of a will or fulfill a specified task or duty.
Similar spelling words for EXECUTORS
- executrix,
- exactly,
- executioner,
- excusatory,
- executing,
- Executable,
- executor,
- executive,
- exaction,
- exactness,
- executant,
- execution,
- executes,
- executed,
- exacta,
- execute,
- exocet.
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